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How our Junior Cash ISA works

Who can open an account?

Who can open an account?

Anyone with parental responsibility for a child can open a
Junior ISA. So if you're a parent or guardian of an eligible
child, you can open a Junior Cash ISA for them.

Other people can save into your child's account as well -
grandparents, relatives and friends - so long as the total
savings in the Junior ISAs don't exceed the limit of £4,080 in
this tax year.

A young person aged 16 or over can open an account
themselves but they need to call us to apply. They can’t do
it online.

If you’ve already subscribed to a Junior Cash ISA, you can
only open a Junior Cash ISA with us if you transfer all your
subscriptions from the existing provider, to us. Your ISA
provider may charge a fee to transfer funds.

Children with a Child Trust Fund are not eligible for a Junior
Cash ISA.

Making deposits

Flexible tax-free savings

You can save up to £4,080 tax free in the 2015/16 tax year -
this is the combined total for a Junior Cash ISA and a Junior
Stocks and Shares ISA.

And, with online and mobile banking, it's easy to set up
regular monthly payments or save flexibly by making one-off
payments when you can. It all adds up.

To understand more about different types of ISA and your
tax-free savings allowance, take a look at the important
information. Types of ISA

Transferring an existing Junior ISA to Tesco Bank

How it works and what you can transfer

A child can only have one Junior Cash ISA at any time, but
it's possible to transfer all of the money in an existing Junior
Cash ISA to another Junior Cash ISA providing the existing
account is then closed.

If you want to move your money from a Junior Cash ISA with
another provider to a us, you can do this by using the ISA
transfer process. Rest assured, we make the process quick
and easy.

You can transfer:

all, but not part, of the funds saved in an existing Junior Cash ISA to a new Junior Cash ISA

all or part of the funds in a Junior Cash ISA saved in a previous tax year to a Junior Stocks and Shares ISA

all of the money held in a Junior Cash ISA to a Junior Stocks and Shares ISA, then a new Junior Cash ISA can be opened

Other providers may have restrictions or charge a fee on transfers, so you should always check this with them before transferring money to or from another provider.

How to transfer to Tesco Bank

There are two ways to transfer a Junior Cash ISA to Tesco
Bank:

Call us on 0345 678 5678. This number may be included as part of any inclusive call minutes provided by your phone operator.

Download and complete a Junior ISA Transfer Authority Form and send it to us at the address shown on the form.

New customers should also complete an application either
online or by telephone, so we can begin the transfer process
during the application. That will help us set up your ISA as
quickly as possible.

Access to your money

Who can access the money and when

The money in a Junior Cash ISA belongs to the child who can only
withdraw it when he or she reaches age 18 - a great start to adult life.

No money can be withdrawn from the account until the child reaches
age 18, but it can be transferred to another Junior ISA before the
child reaches age 18.

So if you want to close your Tesco Bank Junior Cash ISA and
transfer the balance to another provider, you just have to contact your
new provider. They'll arrange everything with us using the ISA
Transfer process.

Our interest rates

Interest rates

The current annual interest rate is 3.00% Gross/AER (variable). Rate
correct as at 6 November 2012.

Please note that rates aren't fixed and may be subject to change.

Interest rate definitions

Gross is the interest rate paid before tax is deducted.

Annual Equivalent Rate (AER) illustrates what the interest rate
would be if it was paid and compounded each year.

How interest is calculated

Interest is calculated daily and is added to your Junior Cash ISA account on the anniversary of the account opening. The interest paid is tax free.

The current rules for ISAs are subject to change by HM Revenue &
Customs and the value of tax benefits depends on individual circumstances.

Financial Services Compensation Scheme

Your eligible deposits with Tesco Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.

Summary of key information

Key information for our Junior Cash ISA

The rates of interest for this account are variable. Please note - interest is paid into the account on anniversary of the account opening.

Tax status

There is no tax payable on the interest earned on this account.

Conditions for bonus payment

Not applicable.

Withdrawal arrangements

No withdrawals are allowed until the child reaches age 18.

Daily withdrawal limits

Not applicable.

Access

You can manage the account by signing up to online banking or telephone banking.

Types of ISA and allowances

There are two types of Junior ISA: a Junior Stocks and Shares ISA and a Junior Cash ISA.

A child can have one Junior Stocks and Shares ISA and one Junior Cash ISA each tax year. The tax year runs from 6 April to 5 April the following year.

The JISA limit for 2015/16 tax year is £4,080. This is the maximum amount you can pay into a Junior ISA each tax year.

This can be paid into a Junior Stocks and Shares ISA, a Junior Cash ISA or a combination of both.

No money can be withdrawn from a Junior Cash ISA until the child reaches age 18, but it can be transferred to another Junior ISA before the child reaches age 18.

Tesco Bank only offers a Junior Cash ISA.

If you decide to cancel your Junior Cash ISA, this won't affect the child's ISA allowance for the current tax year and you can still open another Junior Cash ISA in that tax year. You have 30 days from receiving your welcome letter to cancel your Junior Cash ISA. If you do cancel, we'll refund the money you've paid in.